The AUD/JPY pair has dropped to 77.55 – the lowest level since Jan. 25 – in response to Reserve Bank of Australia’s (RBA) downward revision of growth and inflation forecasts.
The pair is now trading within a striking distance from the key support at 77.51 (Jan. 25 low). and could soon find acceptance below that level as the path of least resistance is to the downside.
Daily chart
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As seen above, the pair dived out of the rising wedge on Wednesday, confirming a bullish-to-bearish trend change. The 14-day relative strength index (RSI) is reporting bearish conditions with below-50 reading.
Therefore, the pair is likely to beat the support at 77.51. That would invalidate the bullish higher low and open the doors for a deeper drop toward 76.00.
Trend: bearish
AUD/JPY
Overview:
Today Last Price: 77.58
Today Daily change: -0.46 pips
Today Daily change %: -0.59%
Today Daily Open: 78.04
Trends:
Daily SMA20: 78.52
Daily SMA50: 79.12
Daily SMA100: 80.15
Daily SMA200: 81.05
Levels:
Previous Daily High: 78.31
Previous Daily Low: 77.75
Previous Weekly High: 79.61
Previous Weekly Low: 77.96
Previous Monthly High: 79.4
Previous Monthly Low: 70.71
Daily Fibonacci 38.2%: 77.96
Daily Fibonacci 61.8%: 78.1
Daily Pivot Point S1: 77.75
Daily Pivot Point S2: 77.47
Daily Pivot Point S3: 77.19
Daily Pivot Point R1: 78.31
Daily Pivot Point R2: 78.59
Daily Pivot Point R3: 78.87
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